Elfman-Wareham Private Equity and Venture Capital Lab (PE/VC Lab)
The Merrick M. Elfman and Therese L. Wareham Private Equity and Venture Capital (PE/VC) Lab was created for Chicago Booth MBA students to learn firsthand about the PE and VC industries.
Through the combination of an intensive internship at a PE or VC firm and an academic course, students become active participants in analyzing real-world investment decisions made by seasoned investors and learn to apply academic frameworks to their internship experiences.
The PE/VC Lab supports internships in geographies beyond Chicago. Thanks to the support of the Petrick Family, PE/VC Lab participants with out-of-state internships may apply for funding from the Petrick Family Student Fellowship Fund to support their travel and on-site experience.
Students must confirm that they meet eligibility requirements and then apply to take part in the PE/VC Lab. Participants are selected through a competitive application and interview process.
Attend the October 2026 PE/VC Lab info session to familiarize yourself with the program as you begin the application process. Career switchers are also encouraged to review last year’s recordings of Professor Chris McGowan’s Private Equity Landscape and Skills for Career Changers and PE Interview Prep for Career Changers presentations.
Winter Quarter 2027: San Francisco Venture Capital Immersion Program
Chicago Booth, in collaboration with the Polsky Center, is pleased to offer MBA students a distinctive study-away experience in San Francisco. Through the VC Lab course, participants immerse themselves in the city’s startup ecosystem and gain hands-on investing experience via an internship with a VC firm. They enroll in the VC Lab alongside two preselected electives for a full-time winter quarter, taught by Booth faculty at Third Coast Foundry in downtown San Francisco.
The program builds an applied AI skillset and the management expertise that leadership roles in the innovation ecosystem demand. Participants are registered for all three courses and complete 300 units of credit during the quarter; those who have already completed the VC Lab in Chicago can instead pursue the Advanced Venture Capital Lab.
Program Timeline
Info Session: Monday, October 5, 2026 | 5:00 p.m. CT
The virtual info session will cover the application and selection process, course, internships, and program rules, including how each applies to both the traditional PE/VC Lab and the SF VC Immersion program.
Application Open: Monday, October 5, 2026 | 6:00 p.m. CT
Only one application is needed for both the traditional PE/VC Lab and the SF VC Immersion program.
Application Deadline: Friday, October 16, 2026 | 3:00 p.m. CT.
The PE/VC Lab process includes an application, matching, and interview period to secure a part-time, 10-week internship which is to be taken for credit while enrolled in the complimentary winter or spring quarter course. A full calendar is outlined below:
September – October: Register and apply
- Firms register and complete a profile outlining their intern criteria.
- Students apply, indicating firms of interest.
- The Polsky Center forwards student resumes to the firms each student selected.
October – February: Interview and match
- Firms review resumes and select students to interview for winter or spring quarter.
- Interviews take place, and firms make final decisions. Students confirm their placement with the Polsky Center to be enrolled in the Lab course (BUS 34702).
Winter or spring quarter: Internship and course
- Students take the lab course concurrently with their internship.
- Firms submit an evaluation of their intern’s performance.
Application and Eligibility
- The PE/VC Lab is open to Full-Time, Evening, and Weekend MBA Program students at Chicago Booth. EMBA students, Master in Management students, and Master in Finance students are not eligible to participate. The PE/VC Lab is not currently open to undergraduate or graduate students outside of Chicago Booth.
- International students (first year and second year) are eligible to participate in the PE/VC Lab through Curricular Practical Training (CPT) or Academic Training (AT) authorization. International students will be required to complete an attestation form to confirm they’ve met with OIA and will take the necessary steps to complete their CPT. International students may consult this document for further information regarding eligibility requirements.
- Prior professional experience in private equity or venture capital is not needed to be considered for the PE/VC Lab. Additionally, there is no specific background or resume that will guarantee entry to the Lab.
- The PE/VC Lab requires a significant time commitment. In addition to weekly three-hour class sessions, participants are expected to work 15-20 hours at their internship for at least 10 weeks and it is recommended that students only register for a total of three courses (including the Lab) during the quarter in which they are interning. Applicants must be willing and able to make this time commitment.
Matching and Selection Process
- Resume Distribution: Review the list of participating host firms and select up to 25 to receive your resume. After the application deadline, the Polsky Center sends your resume to the firms you selected.
- Interview Process: Firms screen candidates, arrange interviews, and select their intern. Each firm runs its own process on its own timeline, deciding how many students to interview and in what format. Invitations to interview are sent anytime between mid-October and mid-February, and not all applicants receive one. Firms manage this process directly, and the Polsky Center often won’t know your status. All selections must be completed by the Registrar’s enrollment deadline or before the course reaches capacity.
- SF VC Immersion Program: If a student successfully secures an approved winter quarter VC internship, they will have the option to enroll in the SF VC Immersion program and will be automatically enrolled in the two elective courses along with the VC Lab course. Participants must be based in San Francisco for the duration of winter quarter.
- Course Enrollment: Notify the Polsky Center once you accept an offer. You’ll complete an intake form, and we’ll send your information to the Registrar’s Office to enroll you in the winter or spring PE/VC Lab course. International students must meet with OIA and complete CPT or AT authorization. Details are in this document.
PE/VC Lab FAQs
Yes, you can learn more about sourcing your own internship and register for the PE/VC Lab in the Bring-Your-Own-Firm (BYOF) section of the website.
Students can expect their resumes to be distributed to up to 25 firms, based on the host firms selected by the student in their application submission.
In a typical year, approximately 450 students apply to the PE/VC Lab. Approximately 44% of applicants (~200) will secure internships.
No, prior experience in PE/VC is not required. In a typical year, 65% of accepted students will not have prior industry experience.
There are a variety of firms that participate in the Lab, and each looks for a specific background based on their investment stage, industry focus, and current projects. There is no one background that will guarantee entry into the Lab.